NEW YORK, NY / March 31, 2014 / SeeThruEquity, a leading New York City based independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a 4Q 2013 update note on DelMar Pharmaceuticals, Inc. (OTCQB: DMPI), a biotechnology company focused on proven cancer therapies in new orphan drug indications where patients are failing modern targeted or biologic treatments. Highlights for the quarter are as follows:
Working capital sufficient for 2014. DMPI reported a working capital balance of $4.1mn as of December 31, 2013 and it estimates that these funds will be sufficient to support its ongoing R&D activities through the 1Q15. We had originally modeled in DMPI raising $2mn in 2014E, so we are encouraged by these results.
Potential 2014 catalysts. Aside from VAL-083 news flow in 2014, DMPI has other potential catalysts which we await updates on, specifically the repositioning and potential sales of VAL-083 in China. DMPI is continuing its efforts to secure a sales and marketing partner for VAL-083 in China, which we are hopeful could result in product revenues to the company in 2014E. The potential plan to uplist to NYSE-MKT or NASDAQ is also a significant positive.
Significant VAL-083 news to be presented in 2014. DMPI will present updated interim clinical data, including available data from Cohort 6 (those patients receiving 30mg/m2), at the upcoming American Association of Cancer Research (AACR) Annual Meeting, which is being held April 5 – 9 in San Diego, CA. This will be the first of several conferences at which we expect DMPI to provide VAL-083 updates in 2014.
SeeThruEquity maintains its price target of $4.53. We maintain our price target of $4.53 for DMPI. This represents 294% upside potential from the recent market price of $1.15 (closing price on 3/26/14.
The note is available to SeeThruEquity Select Members on SeeThruEquity's website and can be directly accessed here: DMPI 4Q 2013 Update. SeeThruEquity is an approved equity research contributor on Thomson First Call, CapitalIQ, FactSet, and Zack’s. The report will also available on these platforms.
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About DelMar Pharmaceuticals, Inc.
DelMar Pharmaceuticals was founded in 2010 to develop and commercialize proven cancer therapies in new orphan drug indications where patients are failing modern targeted or biologic treatments. The Company's lead asset, VAL-083, is currently undergoing clinical trials in the United States as a potential treatment for refractory glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer. VAL-083 benefits from extensive clinical research sponsored by the U.S. National Cancer Institute (NCI), and is currently approved for the treatment of chronic myelogenous leukemia (CML) and lung cancer in China. Published pre-clinical and clinical data suggest that VAL-083 may be active against a range of tumor types via a novel mechanism of action. For more information, please visit http://www.delmarpharma.com.